Owl Rock Capital Group and Neuberger Berman Group's Dyal Capital Partners cleared one of the last hurdles to their pending merger with special purpose acquisition company Altimar Acquisition Corp., according to an SEC filing.
On Tuesday, the majority of Altimar's shareholders approved the transaction.
The two firms announced in December a plan to combine with Altimar to form a publicly traded alternative investment firm, to be known as Blue Owl Capital Inc. When the deal is closed, businesses of Dyal and Owl Rock will be held by two Delaware limited partnerships, Blue Owl Holdings and Blue Owl Carry, the SEC filing said. The transaction is expected to close Wednesday.
Blue Owl Carry will acquire 15% of the carried interest, incentive fees and some of the other incentive-based fees of all existing and future Owl Rock and Dyal funds. Exceptions include all of Owl Rock's business development company's fees and those related to Dyal equity funds existing or future co-investments or secondary transactions, such as continuation funds.
Altimar is sponsored by alternative investment firm HPS Investment Partners.
The deal is valued at about $12.2 billion and includes a combined $1.5 billion commitment from ICONIQ Capital, CH Investment Partners, $6.8 billion Koch Companies Defined Benefit Master Trust, Wichita, Kan., the Federated Hermes Kaufmann Funds and Liberty Mutual Investments.
Blue Owl is expected to be listed on the New York Stock Exchange under the ticker OWL and have a post-transaction market capitalization of about $12.5 billion.
